Aicpa Statements On Auditing Standards - 1351 Words

AICPA Statements on Auditing Standards The government and accounting professionals have been focusing on accounting policy and procedures since the Enron, WorldCom, and Tyco financial scandals occurred. These financial scandals occurred by company executives and public accounting companies who failed to disclose and account for the known fraud (Casabona Grego, 2003, p. 16). Due to these financial accounting scandals the Auditing Standards Board (ASB) of the AICPA established Statement on Auditing Standards (SAS), in addition to the requirements made by SOX and the PCAOB, to hold companies and auditors accountable for financial statement reporting (p. 16). According to Casabona and Grego (2003), in 1997, the ABS established SAS No. 82, Consideration of Fraud in a Financial Statement Audit (p. 16). SAS No. 82 provided companies with policies and procedures on the review of material fraud in a financial statement audit (p. 16). SAS No. 82 was in effect until 2000, when the ASB, AIC PA’s Fraud Task Force, and the Panel on Audit Effectiveness selected by the PCAOB, determined changes and alterations to the SAS needed to be made based on research, recommendations from other accounting professional groups, and recommendations from financial reporting shareholders (p. 16). Therefore, SAS No. 99 was established in place of SAS No. 82, keeping the same title, Consideration of Fraud in a Financial Statement Audit (p. 16). SAS No. 99 as noted by Casabona and Grego heightens theShow MoreRelatedQuestions On Public Accounting Firms Essay841 Words   |  4 PagesAuditing Assignment 1-20 Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group. Local accounting firms are owned and managed by one or two CPAs. The firm usually has several staff accountants that usually operate in an informal manner. Work is performed in the firm’s accounting office’s rather than the client’sRead MoreInternational Auditing Standards And Standards1522 Words   |  7 Pages International Auditing Standards Put your name here Put the name of your school / university here United States of America In the United States, the International Auditing and Assurance Standards Board (IAASB) works as an independent body, setting standards for auditing under the International Federation of Accountants (IFAC). The IAASB establishes the best quality auditing, quality control, assurance, and related services in order to ensure uniformity of practice by professionals allRead MoreAuditing, Attestation, Assurance1301 Words   |  6 PagesAuditing, Attestation, and Assurance Name Class Date Instructor Auditing, Attestation, and Assurance What is Auditing, Attestation and Assurance? 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An analysis of three audit-planning standards: AICPA (American Institute of Certified Public Accountants), PCAOB (Public Company Accounting Oversight Board) and IAASB (International Auditing and Assurance Standards Board)revealsRead MoreAmerican Institute Of Certified Public Accountants1179 Words   |  5 PagesCertified of Public Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterized by â€Å"†¦rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethicsRead MoreAuditing Research Paper1699 Words   |  7 PagesAuditing Research Paper â€Å"Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria† (Arens A., Elder R. J., Beasley M. S. 2010). Auditing of a company should be done by an independent person that has no affiliation with the company that is being audited. The auditor needs to be educated enough to process the audit. 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Accounting is the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens, Elder, Be asley, 2010). Many people confuse auditingRead MoreAudit Introduction Letter1178 Words   |  5 PagesWatershed (AOW) DATE: February 11, 2013 SUBJECT: Auditing and Other Assurance Services Available SUMMARY: This memo includes information regarding the services that Anderson, Olds, and Watershed (AOW) is able to provide to clients as well as the standards that auditors must follow during an audit. I have also outlined here my responsibilities as auditor-in-charge during an audit. AVAILABLE SERVICES: AOW offers a multitude of auditing and assurance services to our clients, including conductingRead MoreEssay about Enron Case637 Words   |  3 Pagesinvestigating ethical lapses and questionable business dealings† (Knapp, 2010, p. 14). They insisted the employees use aggressive and illegal accounting procedures. b) Anderson was also responsible because they allowed Enron to use these fraudulent statements for 15 years. It is the auditor’s responsibility to question any unusual circumstances and reports and they failed to do so. They should have questioned the SPEs, should have noticed that notes receivable were reported wrong, and should have noticed

The Agricultural Facets Of Appalachia Essay - 1676 Words

Appalachian Agriculture The agricultural facets of Appalachia have been influenced over time due to the introduction of various types of foreign farming practices, government enforced regulations, foreign animals and plants, and westward expansion. â€Å"Rapidly evolving technologies and fluctuating costs influence the nuances of sustainability, but the essence of the concept is protection of both the land and the people who occupy it† (400). Beginning simply with subsistence farming and hunting and evolving into modern large-scale industrial agriculture Appalachian agriculture has negatively influenced the natural landscape of the mountains and its forest which resulted in a poor economy that was only advanced after more productive farming methods were invented and practiced. Native American agriculture was largely subsistence farming and hunter-gatherer ontogeny, based on the idea the hunters and the animals shared a mutual understanding and respect and not taking more than absolutely necessary. â€Å"By the Mississippian period (A.D. 900-1550), the largest group of indigenous people within southern Appalachia, the Cherokee, had become proficient in growing crops† (428). It wasn’t until the Spanish settler’s introduction of foreign flora and fauna in the region that the subsistence farming and hunting began to shift to marketable and large scale agriculture in order incorporate new foods into their diets such as peaches, watermelons, and sweet potatoes, as well as domesticatedShow MoreRelatedThe Progressive Montessori School System1748 Words   |  7 Pagesonce produced thirty of the populous little brown bats now produced one on a good night. I applied for the master’s program at Portland State University with two objectives, to experience life in an urban environment outside of Appalachia, and to advance my geographic scholarship and research . As a master’s student at Portland State University, I have had the opportunity for inter- and intra-disciplinary exploration, professional development, and scholarly growth. My thesis, Who’s

Solar Energy Facts Free Essays

ASTOUNDING SOLAR ENERGY FACTS What is solar energy? People often think of solar energy as solar panels mounted on roofs in sunny neighborhoods. This is only part of solar energy (â€Å"Solar energy facts,†2012). Solar energy is the oldest energy source. We will write a custom essay sample on Solar Energy Facts or any similar topic only for you Order Now Plants, animal and the microbial life have been using it as a principle energy source since the times of creation. It is in the form of heat and light. In the past years, people have tapped solar energy enabling it to be used at all times; including the nights, in all weather conditions, can be stored as well as be transferred. Solar energy can be defined as the technology used to exploit the sun’s power and make it usable. Solar energy facts * Solar energy makes life a reality. Through photosynthesis, plants absorb sunlight and provide food and oxygen which animals consume to live. Human bodies absorb solar energy this helps to regulate body temperature. Sunlight also provides vitamin D, which is necessary to human health. * Solar energy is an extremely clean energy source. It is environmentally healthier than traditionally fossil related forms of energy since it does not emit any known pollutants to the environment. The earth absorbs approximately 3. 85 million exajoules of energy from the sun. This is big compared to the earth’s use of about 56. 7 exajoules. The sun is the sole source of solar energy, believed to last for more than 5 billion years. This means solar energy is the most renewable and viable source of energy. * The practical use of solar energy is inexhaustible. Leonardo Da Vin ci (1452-1519) proposed the concentrating solar principle, which a concave mirror directs rays to solar water heaters. Also upon launch, satellites and spacecrafts use solar energy as their main source. Solar energy is responsible for the weather and ocean currents. Majority of the thermal energy which is due to solar energy stored in the ocean. This means the transfer of energy on the earth’s surface relates to the ocean-atmosphere. Utilization of solar energy * Solar thermal plants concentrate the sun’s energy as a heat source to boil water used to run steam powered turbines to generate electricity. * Solar panels using photovoltaic cells convert solar energy into electricity to light homes, though storage batteries may be needed. Solar energy can be used in war, as from Archimedes who by directing heat rays using mirrors burned down ships that had siege Syracuse. * Solar water heater utilizes solar energy to warm water for homes. Also by the use of heat absorbent su rfaces, solar energy can be used to heat pools. * In food processing, solar energy presents a significant functionality in drying. In summary, solar energy is a renewable source of green energy and has a tremendous and endless industrial utilization. It is also vital to life and nature. This solar energy facts reveal that solar is the main green energy source at hand. References Solar Energy Information and Facts(2010). Retrieved from http://www. valopia. com/index. php/Solar/solar-energy-information-and-facts. html Solar Energy Facts. (2012). Retrieved from http://www. solarenergy-facts. org/ Solar power facts. (n. d. ). Retrieved from http://www. solarpowerfacts. biz/ Wind Solar Projects. (n. d. ). Retrieved from http://www. windsolarprojects. com/ How to cite Solar Energy Facts, Essay examples

Analysis of the Australian Meat Industry-Free-Samples for Student

Question: Discuss about the political, economic, social, environmental and technical analysis of the Australian Meat industry. Answer: Introduction Australia produces meat on a relatively small scale compared to other major economies. However, Australia export a significant amount of its meat annually due to its comparatively small population and low consumption (Spencer Kneebone, 2012). The countrys meat industry is majorly divided into two different production systems that include the Northern (bos indicus cattle breed) and Southern (Bos Taurus cattle breed) meat producers. The meat production and supply chain in Australia is significantly affected by different factors that also influences the competitive advantage of the industry locally and internationally. As such, this report conducts a pest analysis that includes political, economic, social, environmental and technical analysis of the Australian meat industry. The report further highlights the industrys porter's five forces that include the bargaining power of consumers, the bargaining power of suppliers, the threat of new entrants and the threat of substitute products. Pestle Analysis Political factors There is an increased international demand for protein particularly in regions experiencing various political unrests and wars such as the Middle East and Northern parts of Africa (Kotler et al., 2009). Similarly, multinationals and developed economies in Europe and the U.S are acquiring and developing large tracts of agricultural lands in most developing economies. The result of such acquisitions is a significant effect on the agricultural production and reduced food security. Economic factors The 2008 global economic crisis affected most economies and resulted into acute food shortage among other important necessities in most countries. However, Australia is steadily recovering from the global financial crisis that affected its interest rates, commodity prices, international and local trade and consumption among other economic issues. For instance, the interest rates have significantly reduced making their commodities more competitive both globally and locally. Australia has also dismantled most of its trade barriers especially in its food industry in accordance with WTO policies increasing its exports. Social factors The increase in different lifestyle diseases in Australia and in different parts of the world means that future consumption of red meat among other related products is likely to reduce (Spencer Kneebone, 2012). The increased need to maintain a healthy eating pattern explains why most households are likely to reduce their purchase and consumption of red meat which is largely attributed to chronic diseases such as cancer. Environmental factors The fluctuating climatic conditions in Australia implies that cattle producers have to use different breeds to meet market demands and specifications (Adams et al., 2008). Also, the diversity in environmental conditions occasionally forces producers to move their respective stocks closer to the market and to greener pastures. This has increased operational costs among meat producers in the country due to the increase in freight costs. Technical factors Various technological applications introduced into the Australian meat industry have significantly increased production. For example, the introduction of vitro development of embryo and cryopreservation of embryo technologies. Moreover, the introduction of HMC and vitrification technologies have plummeted the reproduction of beef cattle in Australia (Spencer Kneebone, 2012). Porter's five forces Bargaining power of consumers The bargaining power of consumers in the Australian meat industry high. This can be attributed to the increased range of available meat products offered by many competitors in the market. Most consumers in Australia are very keen on the best quality meat and reasonable pricing. The Southern Australia meet producers are known to produce the best quality beef but are relatively expensive to Northern meet products. The result is an increase in the bargaining power of the consumers due to the low switching costs and expanded options. The high bargaining power of consumers is forcing the Northern and Southern meet producers in Australia to revaluate their pricing and quality production strategies to remain competitive in the industry. Bargaining power of suppliers The bargaining power of suppliers in the Australian meat industry relatively low. This low bargaining power can be accredited to the many producers from Northern and Southern parts of Australia. Also, the perceived differences in taste between forequarters and hindquarters have further affected retail of meat products in Australia. The Northern and Southern meat consumers, therefore, have the enhanced advantage of directly negotiating with these many meat suppliers to reduce prices and i9ncrease quality. Threat of new entrants The threat of new entrants into the Australian meat industry is high. The high threat of possible entrants can be ascribed to the high growing rate of Australian economy and other sectors of the economy. Many investors are gaining interest in the Australia meat industry. This is also attributed to the minimal regulations by the Australian government on companies seeking to gain entry into this lucrative industry. This high threat of potential market players has led to prices wars with both Northern and Southern producers aiming at sustaining their respective market dominance. Threat of substitute products The threat of substitute products in the Australian meat industry is also high. The high threat of substitutes can be ascribed to increased entrance of new market players into the industry. Also, alternative sources of protein such as fish and chicken threatens the long-term survival of the industry. Other crucial sources of protein include walnuts and soya beans among others. Indeed, most consumers are increasingly becoming more conscious about their health and spending behaviours. Most of these substitute products are considered to be healthier and relatively cheap. Thus, the competitiveness and profitability of various producers in the Australian meat industry have significantly reduced as a result of the increased presence of substitute products. Threat of ccompetitive rivalry The threat of competitive rivalry in the Australian meat industry high. Some of the companies with large operations in the industry include the Consolidated Pastoral Company (CPC) in Northern Australia, the North Australian Pastoral Company (NAPCo), Paraway Pastoral Company, and S. Kidman Company among others. The industry also faces competition from commercial meat processing from the UK, Mexico and U.S (Spencer Kneebone, 2012). As a result of the high competitive rivalry, sales of meat products and the market share of respective companies operating in the industry have reduced significantly. Conclusion Based on the comprehensive analysis of the Pestle, the report ascertain that a relatively stable political environment, stable economy, climatic diversity, technological applications and lifestyle changes affects the operations in the industry. Conversely, based on the analysis of Porters 5 forces, the report point at increased competition and high market entrants as some of the feasible market threats. References: Adams, R. M., Hurd, B. H., Lenhart, S., Leary, N. (2008). Effects of global climate change on agriculture: an interpretative review. Climate Research, 11(1), 19-30. Asseng, S., Ewert, F., Martre, P., Rtter, R. P., Lobell, D. B., Cammarano, D., ... Reynolds, M. P. (2015). Rising temperatures reduce global meat production. Nature Climate Change, 5(2), 143-147. Cline, W. R. (2007). Global warming and agriculture: Impact estimates by country. Peterson Institute. Ho, J.K.K. (2014) Formulation of a Systemic PEST Analysis for Strategic Analysis, European academic research,2(5), pp.6478-492. Kotler, P, Keller, K, Burton, S (2009) Marketing management, 1st adapted edition, Frenchs Forest, Pearson Education Australia pp. 74-89. Kotler, P., Keller, K., Burton, S (2009), from Chapter 3: Gathering information and scanning the environment, Marketing Management, 1st adapted edition, pp. 74-89, Frenchs Forest, Pearson Education Australia. Kunc, M. (2010) Revisiting Porters generic strategies for competitive environments using system dynamics, Computational Analysis of Firms Organization and Strategic Behaviour, 1(2), pp.152. Spencer, S Kneebone, M (2012) 'FOODmap: An analysis of the Australian food supply chain', Department of Agriculture, Fisheries and Forestry (DAFF), Commonwealth of Australia, Canberra. Statistics.mla.com.au. 2017. MIDAS - Run Report. [online] Available at: https://statistics.mla.com.au/Report/RunReport/e4469a3e-e951-4f85-8243-4d3b0f432624 [Accessed 24 Aug. 2017]. The Conversation. 2017. Three charts on: Australia's declining taste for beef and growing appetite for chicken. [online] Available at: https://theconversation.com/three-charts-on-australias-declining-taste-for-beef-and-growing-appetite-for-chicken-78100 [Accessed 24 Aug. 2017]